"This is a great opportunity for Mr Orr. During his time here, Adrian
has made a huge contribution to the way the Reserve Bank regulates the financial
system and monitors for financial stability in New Zealand.

"This is a loss for us, but we wish him all the best in his new
job," Dr Bollard said.

Mr Orr's final day at the Bank will be 5 February 2007.

Mr Orr said he was very proud of the Reserve Bank and its achievements over
recent years.

"I now look forward to the challenge of assisting in the management of
an important piece of New Zealand's infrastructure, the NZ Superannuation Fund.
I hope to build on the excellent platform that has been developed by the
Guardians and their team over recent years."

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